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VTB Bank, the Ukrainian-based subsidiary of the Russian state-owned Vneshtorgbank, reported UAH 351.733 million, or US$13.28 million, in loss in the first quarter of 2017, which was 13 times less year-over-year, according to the bank's website.
Since the beginning of the year, its assets have decreased by 14.8%, to UAH 17.095 billion, liabilities shrank by 15.2%, to UAH 14.624 billion, while the equity reduced by 12.5%, to UAH 2.471 billion, the report said.
UNIAN memo. VTB Bank has been operating on the Ukrainian market since 1992. It was ranked 15th in the banking system in terms of assets. Russian Vneshtorgbank (VTB, Russian foreign trade bank) has owned more than 99.9% of the shares in its Ukrainian subsidiary since 2006.
Read alsoRussia's VTB bank about to close deal to sell BM Bank in UkraineAs UNIAN reported earlier, on March 16, President of Ukraine Petro Poroshenko signed a decree bringing into effect the NSDC decision on imposing sanctions for a one-year period in respect of subsidiaries of Russian state-owned banks, namely Sberbank, VS Bank, Prominvestbank, VTB Bank, and BM Bank.
The sanctions prohibit any financial transactions involving the transfer of funds to parent banks. However, they do not affect the payments through these banks for Ukrainians and not prevent additional capitalization and sale of the financial institutions.